SAUL CENTERS, INC. — Director's Dealing 2013

Sep 18, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS INC (BFS)
CIK: 0000907254
Period of Report: 2013-09-16

Reporting Person: COLLICH JOHN F (Sr. VP-Acquisitions & Dev.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-09-16	Common Shares	S	1100	$45.00	Disposed	483.841	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Preferred Stock	660	Direct
Series A Preferred Stock	1442.716	Indirect
Common Shares	21244.059	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$25.78	2014-04-26	Common Stock (3750)	3750	Direct
Employee Stock Option	$33.22	2015-05-06	Common Stock (3000)	3000	Direct
Employee Stock Option	$54.17	2017-04-27	Common Stock (15000)	15000	Direct
Employee Stock Option	$41.82	2021-05-13	Common Stock (15000)	15000	Direct
Employee Stock Option	$39.29	2022-05-04	Common Stock (15000)	15000	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (20000)	20000	Direct

Footnotes

F1: The options vest 25% per year over four years from the date of grant.

F2: The reported securities were called for redemption by the Issuer at a price equal to their liquidation preference plus accumulated but unpaid dividends.

F3: Balance increased by July 31, 2013 Dividend Reinvestment Plan award of 12.379 shares.

F4: Balance increased by July 31, 2013 Dividend Reinvestment Plan award of 167.838 shares.

F5: Balance increased by July 31, 2013 Dividend Reinvestment Plan award of 18.092 shares.

F6: The options vest 25% per year over four years from the date of grant.